“The basic premise of the business is to adapt to the changing world. Customers have more choice and are exercising that choice digitally and expect to be served whenever and wherever they want.

“A small squeeze isn’t necessarily a bad thing for a large grocery chain.

“If we see customers’ incomes being squeezed — and we are beginning to see a slowdown in that disposable income growth — supermarkets tend to do better, because people stop eating out and start eating in.

“I’m not saying I would ask for it because broadly speaking it’s not good for the economy more widely.”